Takashimaya to Close New York Store

The Japanese chain plans to close its New York flagship store -- reportedly a money-loser -- in June, with the explanation that the company wants to focus on its Asian business.

While this news is not necessarily a result of the company's failed merger with the H2O Retailing Corp., parent of the Hankyu and Hanshin department store, the closure was announced at the same time.

The company said it plans to sell the real estate, no doubt for a princely sum, and reinvest the proceeds in the faster growing Asian markets.

The jewel box of a store opened in 1993 and was immediately a go-to destination for gifts and the most gorgeous flowers, conveniently located on the main floor. The store also stocks women's and men's apparel, accessories, beauty products, home furnishings, baby products and food and garden products.

Several years ago, the store was rearranged so that the flowers were moved to the sixth floor, possibly to lure customers to shop more than just what's inside the front door.

Takashimaya's tea restaurant, located in the basement, is also a favorite of New Yorkers and tourists, who can enjoy a visually pleasing, as well as delicious Bento box lunch.